Group 1: On-site Supervision Case - The issuer failed to consider installment payments and settlement discounts in some engineering contracts, leading to inaccurate progress calculations and insufficient attention from sponsors and accountants [1][2] - The issuer's income accounting was affected, but the overall impact on financial performance was minor, and corrections were made [2][3] - The sponsor did not adequately verify the sufficiency of third-party payment evidence, and there were formal flaws in interview records [2] Group 2: Review Cases - Case 1: The issuer's client performance significantly declined, increasing reliance on the photovoltaic industry, which is subject to market fluctuations [5][6] - The issuer had a dependency on a single client, with no significant competitive advantage in proprietary technology, leading to the withdrawal of its IPO application [5][6] - Case 2: The issuer operated in a fragmented market with low technical barriers, and its revenue was primarily from OEM for brand companies, with declining R&D investment [7][8] Group 3: Case Insights - For issuer A, the significant changes in the photovoltaic industry and the lack of competitive technology led to the withdrawal of its IPO application [6] - For issuer B, the intense competition and lack of innovation resulted in a low market share and the rejection of its IPO application [8]

Group 1 - In the first half of 2025, the Shenzhen Stock Exchange (SZSE) received a total of 32 IPO applications, with 11 from the main board and 21 from the ChiNext board, indicating a recovery in the IPO market after a slowdown due to strict regulations [1] - A total of 26 companies completed their IPOs in the first half of 2025, raising a total of 14.951 billion yuan, showing growth compared to the same period in 2024 [2] - The SZSE has strengthened its regulatory measures, including issuing regulatory work letters and written warnings to various IPO projects and intermediaries during the April to June 2025 period [2] Group 2 - Two companies, Jiangsu Dongfang Sitong Technology Co., Ltd. and Jiangsu Weikang Jiejing Medical Equipment Co., Ltd., faced challenges in their IPO applications, with Dongfang Sitong withdrawing its application due to reliance on a single customer and competitive market concerns [2][4] - Weikang Medical's IPO application was rejected due to intense market competition and lack of technological innovation, highlighting the stringent criteria for ChiNext board listings [4][5] - The SZSE emphasizes the importance of core technology, market competitiveness, and growth potential in determining a company's suitability for the ChiNext board [7]